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金融界人人都在谈论私人信贷——这一术语是指非银行机构,其中许多都是华尔街的知名公司设立贷款部门,向企业提供贷款。由于对这些服务的需求大幅飙升,贝莱德(BlackRock)预计,到2028年底,全球私人债务市场的资产管理规模将达到3.5万亿美元。《财富》杂志在下文中列出了这一庞大而快速增长的行业的领军人物名单,但首先,了解一下私人信贷的发展背景会有所助益。
私人信贷并不是一个新行业,指的是向企业(通常是中小型公司)提供贷款的公司,而非银行。对于银行来说,这些公司通常规模过大或风险过高,而对于公共债券市场来说,这些公司的规模又太小。至少从上世纪90年代开始,非银行机构就一直在向企业提供贷款,但在很大程度上一直处于幕后。
这一切在2008年发生了改变,当时银行在全球金融危机期间退出了借贷业务,使得新的私人借贷机构涌入,以帮助企业融资,其中包括著名的私募股权公司(如阿波罗(Apollo)、KKR和黑石集团(Blackstone))。根据Preqin的数据,当年的私人信贷规模相对较小,管理的资产规模约为3750亿美元。
随着越来越多的公司加入到为企业提供贷款的行列中来,该行业的规模急剧扩大。国际货币基金组织(IMF)表示,去年全球私人信贷资产规模超过2.1万亿美元,其中大部分在美国。阿波罗全球管理公司联合创始人兼首席执行官马克·罗文(Marc Rowan)2023年9月对《财富》杂志表示:"如今,银行向企业提供的信贷不到全部信贷的20%。为私人债务融资的需求从大型银行转向了投资市场。”
支持私人信贷的一个理由是,这类贷款对企业来说风险要小得多。对于银行贷款来说,存款是其资金来源,而这可能并不稳定。2023年,以硅谷银行(Silicon Valley Bank)为首的三家地区性银行因消费者受到惊吓纷纷撤资而倒闭。与此同时,私人信贷市场却在借贷业务方面表现得非常出色。
King & Spalding律师事务所合伙人托德·霍尔曼(Todd Holleman)表示:“债务产品对市场有利,原因是投资私人信贷基金的人非常老练。”King & Spalding律师事务所自2010年以来一直为私人信贷基金提供咨询服务。
如今人们对信贷的期望很高。KKR信贷和市场联席主管克里斯·谢尔顿(Chris Sheldon)在4月份给投资者的一封信中表示,目前仍是投资该行业的好时机,不过他预计在可预见的未来,利率可能仍将维持在高位。谢尔顿敦促投资者配置资金投资,称当前的环境是“配置资金投资信贷的黄金时代”。
一个月后的5月,黑石集团牵头为人工智能云计算初创公司CoreWeave提供了75亿美元的信贷融资。这笔交易是有史以来规模最大的债务融资之一。霍尔曼也认为该行业正处于黄金时代,他表示自己接到了很多咨询电话。他对《财富》杂志表示:“我们不仅看到传统客户动作频繁,还接到了市场新进入者的咨询电话。”
最近的热潮正在提升这一市场的新权势派的地位,以下九位人士值得关注。
约书亚·伊斯特利,Sixth Street联合创始人、联席首席投资官兼联席总裁
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在富国银行(Wells Fargo & Co)旗下的商业金融公司Wells Fargo Foothill工作过一段时间后,伊斯特利于2006年加入高盛集团(Goldman Sachs)。在高盛集团负责直接借贷业务时,他意识到了私人信贷的商机。(伊斯特利曾在艾伦·瓦克斯曼(Alan Waxman)手底下工作,后者负责高盛集团的私人信贷业务AmSSG。)他在5月份举行的《财富》未来金融会议上表示,与银行相比,私人信贷拥有更好的模式,原因是它可以在资产负债表上持有更多的贷款资本。他还表示,私人信贷的兴起是全球金融危机后实施监管措施带来的“预期后果”。
那一年,也就是2009年,伊斯特利离开高盛集团,与瓦克斯曼和其他几位前高盛集团高管一起创办了Sixth Street。Sixth Street最初是另类资产管理公司TPG专门的全球信贷和信贷相关投资平台,于2020年独立运营,目前该公司管理的资产规模超过750亿美元。信贷仍是该公司的核心战略;伊斯特利负责直接借贷业务,为大中型企业提供5000万至25亿美元不等的贷款。他还担任Sixth Street Specialty Lending(一家公开上市的业务发展公司)的董事长兼首席执行官,以及Sixth Street Lending Partners(一家专注于大型股直接借贷的私人业务发展公司)的董事长兼首席执行官。与通常以银团贷款形式发放贷款的银行不同,私人信贷公司通常将贷款保留在自己的基金中,直至贷款到期。伊斯特利在《财富》会议上表示:“你知道是哪一家贷款机构,而且只与一家贷款机构打交道。"
约翰·齐托,阿波罗全球管理公司合伙人兼信贷部副首席信息官
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阿波罗全球管理公司是最大的贷款机构之一,因此,没有该机构的私人信贷公司名单是不完整的。截至3月31日,该公司的资产管理规模达6710亿美元,其中大部分(4760亿美元)来自信贷,包括3250亿美元的企业信贷和1510亿美元的资产抵押融资。齐托在Veritas Fund Group担任了五年的投资组合经理,又在Brencourt Advisors担任了五年的项目经理,后于2012年加入阿波罗。他负责公司的全球信贷、保险和房地产债务业务以及阿波罗团队。
齐托表示,他认为私人信贷市场是一个价值40万亿美元、以投资级基金为主的市场机遇。他在一封电子邮件中表示,阿波罗是大型企业直接借贷和私人资产支持融资领域的先行者,目前该公司发起了数百亿美元的交易。阿波罗近期的著名交易包括:向Saks Fifth Avenue的母公司HBC提供融资,以支持其本月收购尼曼(Neiman Marcus);6月,牵头对英特尔(Intel)在爱尔兰的一家工厂投资110亿美元;并在租车公司赫兹(Hertz)于2021年破产期间担任其融资合作伙伴。齐托指出,所有这些成功案例带来了更多的竞争。他表示:“在利率较高的环境下,你会看到大量新私人信贷机构涌入,但很少有机构具备与各大企业合作的规模、广泛能力和长期资本,并能为基础设施、人工智能和能源转型等新兴领域的大规模、长期变革性需求提供资金。”
吉勒·德拉特(Gilles Dellaert),黑石集团信贷保险全球主管
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2010年,黑石集团在信贷领域采取了重大举措,收购了市值100亿美元的债务投资公司GSO Capital Partners,后者后来成为黑石信贷(Blackstone Credit)。9月,黑石集团将其企业信贷部、资产融资部和保险部合并为一个部门,成立了信贷保险部(BXCI)。该机构还提拔吉勒·德拉特为信贷保险部主管。作为最大的另类资产管理公司,黑石集团一如既往地为信贷保险部设定了远大的目标。2023年,黑石集团的资产管理规模达到1万亿美元,如今计划在未来10年里,信贷保险部连同房地产信贷的资产管理规模达到1万亿美元。在过去三年里,信贷保险部的资产管理规模增加了一倍多,达到3.3亿美元,如果将房地产债务业务计算在内,这一数字将跃升至4.2亿美元。
德拉特从事信贷行业长达20年。他在高盛集团的再保险集团工作了近10年,该集团于2014年分拆,成为Global Atlantic。德拉特在Global Atlantic工作了近7年,最近的职务是联席总裁兼首席投资官。(在2021年收购了Global Atlantic的多数股权后,KKR今年早些时候又收购了这家保险公司未持有的剩余股权。)2020年4月,德拉特加入黑石集团,担任保险解决方案全球主管,并于去年被任命为信贷部全球主管。德拉特还认为,我们正处于信贷的黄金时代。他说:“我们面前有一条宽广的跑道——我们认为在更广泛的私人信贷市场至少有25万亿美元的机会,大多数客户也认识到他们在这一资产类别上配置不足。”
基普·德维尔(Kipp deVeer),艾瑞思信贷集团(Ares Credit Group)的合伙人兼负责人
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另一家大公司是艾瑞思资产管理公司(Ares Management),资产管理规模约为4280亿美元。该公司拥有多种战略,包括私募股权、房地产和基础设施。但艾瑞思资产管理公司以信贷著称,还是其最大的部门,截至3月31日,该部门管理着近3100亿美元的资产。
德维尔曾是RBC Capital的合伙人,也曾在摩根大通(J.P. Morgan)的特殊投资部和投资银行部工作过,于2004年加入艾瑞思资产管理公司,现任信贷部主管。德维尔在2023年11月接受美国全国广播公司财经频道(CNBC)采访时表示,20年前,艾瑞思资产管理公司通常为规模小得多的公司提供融资,这些公司的营收只有几亿美元。自那以后,银行规模不断扩大,但仍受到严格监管。德维尔说:“随之而来的是,你知道,银行与规模较小的公司打交道的兴趣就降低了(而与我们打交道的公司往往就是这些规模较小的中型市场公司)。”这使艾瑞思资产管理公司受益匪浅,因为它现在的业务范围更广了。他说,艾瑞思资产管理公司仍然专注于小型企业,但也涉足“企业价值达数十亿美元的公司”领域。
斯蒂芬妮·雷德,高盛资产管理公司另类资本形成部全球联席主管
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知名投行高盛集团自上世纪90年代以来一直在打造私人信贷业务。事实上,高盛集团的第一支夹层基金在1996年筹集了12亿美元。(夹层基金通常用于为收购公司或其资产提供资金。)该基金池的最新版本是West Street Mezzanine Partners VIII,于2023年1月筹集了117亿美元,基金总规模达152亿美元。今年5月,高盛集团最新的直接借贷基金以及独立管理账户共募集资金210亿美元。截至3月31日,该集团管理的私人信贷资产规模为1390亿美元。
雷德在2004年加入高盛集团,并在高盛集团工作了二十年。她于2015年晋升为董事总经理,并于2018年被任命为合伙人。雷德在高盛集团担任过多种职务,曾担任高盛集团资产管理私人信贷客户解决方案全球主管,还曾领导全球市场的不良贷款和银行贷款销售。2023年12月,雷德被任命为另类资本形成部的联席主管。低利率和低违约率的环境意味着私人信贷基金的回报在过去10多年里一直保持稳定和积极的态势。雷德预计,随着宏观经济环境的不确定和波动的加剧,这种情况将发生变化。她说:“我们相信,拥有穿越周期的投资经验以及资源和能力来真正设法渡过难关的基金经理将处于更有利的位置。此外,拥有一个广泛的融资渠道也至关重要,这能让投资者在尽职调查和承销过程中具有高度选择性。”
劳伦斯·格罗布(Lawrence Golub),Golub Capital首席执行官
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首席执行官劳伦斯·格罗布曾在艾伦公司(Allen & Co)和Wasserstein Perella担任投资银行家,于1994年创办了以自己的名字命名的公司。(格罗布还曾在上世纪90年代初担任白宫研究员。)总部位于纽约的Golub Capital已成长为一家领先的直接借贷公司和私人信贷管理公司,截至4月1日,其管理的资本超过700亿美元。
格罗布认为私人信贷领域不存在泡沫,而且如今并不是资本的黄金时代。他对《财富》杂志说:"不要相信炒作。“他表示:"私人信贷作为一种资产类别已经发展壮大,并将继续发展壮大,因为它擅长为两个关键的利益相关者提供服务,即投资者和私募股权保荐人。”格罗布对这一资产类别持乐观态度,但他预测赢家将是那些拥有“强大竞争优势,如长期关系、任期、规模以及在整个商业周期中久经考验的信贷专业知识”的企业。
迈克尔·帕特森(Michael Patterson),HPS Investment Partners管理合伙人
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帕特森于2007年加入HPS,当时该公司名为Highbridge Principal Strategies,是摩根资产管理公司(J.P. Morgan Asset Management)旗下高桥资本管理公司(Highbridge Capital Management)的一个部门。2016年,HPS的负责人和员工从高桥资本管理公司和摩根资产管理公司收购了该公司。HPS现在是一家领先的信贷投资公司,资产管理规模约为1140亿美元。
自2016年以来,帕特森一直是HPS的管理合伙人。他表示,诱人的经风险调整的收益率已导致直接借贷备用资金大幅增加。今年4月,皮特齐布克(Pitchbook)估计,私人信贷市场有大约5000亿美元的备用资金,其中一半以上是直接借贷。帕特森表示,随着更多资金追逐相同数量的交易,HPS看到其他借贷机构在结构性保护方面做出妥协,包括抵押品包的安全性,这指的是借款人增加增量债务的能力。他表示:“我们将继续关注证明文件所提供结构的质量,并寻求避免以牺牲下行保护为代价来追求增量收益。”
克雷格·W·帕克(Craig W. Packer), Blue Owl Capital联席总裁兼信贷平台主管
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帕克在瑞士信贷(Credit Suisse)/DLJ工作了近14年,担任高收益资本市场全球主管。他于2006年加入高盛集团,担任董事总经理兼高收益资本市场主管。2008年,他成为高盛集团合伙人,并被任命为美洲地区杠杆融资联席主管。他于2016年离开高盛集团,与他人共同创立了直接信贷公司Owl Rock Capital Partners。2021年,Owl Rock与Dyal Capital通过特殊目的收购公司交易实现合并,后者是一家私募股权公司股权收购方。合并后的公司名为Blue Owl Capital,资产管理规模达530亿美元,主要投资于信贷、房地产和私募股权公司。此后,Blue Owl Capital的资产管理规模增加了两倍多,超过1740亿美元。帕克是信贷平台的负责人,同时也是Blue Owl Capital各公司发展中心的首席执行官。
帕克说,他一直担心Blue Owl Capital的投资组合和借款人的经营状况。他说:“这是我们业务的本质。”不过,他表示,私人信贷不再是最后贷款机构,更多时候是首选贷款机构。帕克说:“私人信贷作为一种资产类别持续增长,原因很简单——它能为投资者和资本使用者提供更好的服务。”
阿门·帕诺西安(Armen Panossian),美国橡树资本管理有限公司(Oaktree Capital Management)联席首席执行官兼执行信贷主管
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美国橡树资本管理有限公司是上榜的老牌公司之一,这是一家著名的不良债务投资机构,由霍华德·马克斯(Howard Marks)和布鲁斯·卡什(Bruce Karsh)于1995年共同创立。截至3月31日,该公司的资产管理规模达1920亿美元。根据该公司网站的数据,其中约75%是信贷资产。(2019 年,房地产投资者布鲁克菲尔德资产管理公司(Brookfield Asset Management)以近50亿美元的价格收购了橡树资本管理有限公司的大部分股权。)
帕诺西安于2007年加入橡树资本管理有限公司的全球机会团队,担任助理副总裁,并于2014年转入美国高级信贷团队,担任联合投资组合经理,并领导橡树资本管理有限公司的贷款抵押债券业务的发展。2019年,帕诺西安成为履约信贷业务的负责人,并继续领导该业务。他于今年3月就任橡树资本管理有限公司的联席首席执行官。帕诺西安称,过去十年来,银行从企业直接借贷中撤出,刺激了私人贷款机构的发展。他表示:“随着传统上在银团贷款市场融资的企业转向私人信贷,长期趋势转变正在进行中。”(财富中文网)
译者:中慧言-王芳
金融界人人都在谈论私人信贷——这一术语是指非银行机构,其中许多都是华尔街的知名公司设立贷款部门,向企业提供贷款。由于对这些服务的需求大幅飙升,贝莱德(BlackRock)预计,到2028年底,全球私人债务市场的资产管理规模将达到3.5万亿美元。《财富》杂志在下文中列出了这一庞大而快速增长的行业的领军人物名单,但首先,了解一下私人信贷的发展背景会有所助益。
私人信贷并不是一个新行业,指的是向企业(通常是中小型公司)提供贷款的公司,而非银行。对于银行来说,这些公司通常规模过大或风险过高,而对于公共债券市场来说,这些公司的规模又太小。至少从上世纪90年代开始,非银行机构就一直在向企业提供贷款,但在很大程度上一直处于幕后。
这一切在2008年发生了改变,当时银行在全球金融危机期间退出了借贷业务,使得新的私人借贷机构涌入,以帮助企业融资,其中包括著名的私募股权公司(如阿波罗(Apollo)、KKR和黑石集团(Blackstone))。根据Preqin的数据,当年的私人信贷规模相对较小,管理的资产规模约为3750亿美元。
随着越来越多的公司加入到为企业提供贷款的行列中来,该行业的规模急剧扩大。国际货币基金组织(IMF)表示,去年全球私人信贷资产规模超过2.1万亿美元,其中大部分在美国。阿波罗全球管理公司联合创始人兼首席执行官马克·罗文(Marc Rowan)2023年9月对《财富》杂志表示:"如今,银行向企业提供的信贷不到全部信贷的20%。为私人债务融资的需求从大型银行转向了投资市场。”
支持私人信贷的一个理由是,这类贷款对企业来说风险要小得多。对于银行贷款来说,存款是其资金来源,而这可能并不稳定。2023年,以硅谷银行(Silicon Valley Bank)为首的三家地区性银行因消费者受到惊吓纷纷撤资而倒闭。与此同时,私人信贷市场却在借贷业务方面表现得非常出色。
King & Spalding律师事务所合伙人托德·霍尔曼(Todd Holleman)表示:“债务产品对市场有利,原因是投资私人信贷基金的人非常老练。”King & Spalding律师事务所自2010年以来一直为私人信贷基金提供咨询服务。
如今人们对信贷的期望很高。KKR信贷和市场联席主管克里斯·谢尔顿(Chris Sheldon)在4月份给投资者的一封信中表示,目前仍是投资该行业的好时机,不过他预计在可预见的未来,利率可能仍将维持在高位。谢尔顿敦促投资者配置资金投资,称当前的环境是“配置资金投资信贷的黄金时代”。
一个月后的5月,黑石集团牵头为人工智能云计算初创公司CoreWeave提供了75亿美元的信贷融资。这笔交易是有史以来规模最大的债务融资之一。霍尔曼也认为该行业正处于黄金时代,他表示自己接到了很多咨询电话。他对《财富》杂志表示:“我们不仅看到传统客户动作频繁,还接到了市场新进入者的咨询电话。”
最近的热潮正在提升这一市场的新权势派的地位,以下九位人士值得关注。
约书亚·伊斯特利,Sixth Street联合创始人、联席首席投资官兼联席总裁
在富国银行(Wells Fargo & Co)旗下的商业金融公司Wells Fargo Foothill工作过一段时间后,伊斯特利于2006年加入高盛集团(Goldman Sachs)。在高盛集团负责直接借贷业务时,他意识到了私人信贷的商机。(伊斯特利曾在艾伦·瓦克斯曼(Alan Waxman)手底下工作,后者负责高盛集团的私人信贷业务AmSSG。)他在5月份举行的《财富》未来金融会议上表示,与银行相比,私人信贷拥有更好的模式,原因是它可以在资产负债表上持有更多的贷款资本。他还表示,私人信贷的兴起是全球金融危机后实施监管措施带来的“预期后果”。
那一年,也就是2009年,伊斯特利离开高盛集团,与瓦克斯曼和其他几位前高盛集团高管一起创办了Sixth Street。Sixth Street最初是另类资产管理公司TPG专门的全球信贷和信贷相关投资平台,于2020年独立运营,目前该公司管理的资产规模超过750亿美元。信贷仍是该公司的核心战略;伊斯特利负责直接借贷业务,为大中型企业提供5000万至25亿美元不等的贷款。他还担任Sixth Street Specialty Lending(一家公开上市的业务发展公司)的董事长兼首席执行官,以及Sixth Street Lending Partners(一家专注于大型股直接借贷的私人业务发展公司)的董事长兼首席执行官。与通常以银团贷款形式发放贷款的银行不同,私人信贷公司通常将贷款保留在自己的基金中,直至贷款到期。伊斯特利在《财富》会议上表示:“你知道是哪一家贷款机构,而且只与一家贷款机构打交道。"
约翰·齐托,阿波罗全球管理公司合伙人兼信贷部副首席信息官
阿波罗全球管理公司是最大的贷款机构之一,因此,没有该机构的私人信贷公司名单是不完整的。截至3月31日,该公司的资产管理规模达6710亿美元,其中大部分(4760亿美元)来自信贷,包括3250亿美元的企业信贷和1510亿美元的资产抵押融资。齐托在Veritas Fund Group担任了五年的投资组合经理,又在Brencourt Advisors担任了五年的项目经理,后于2012年加入阿波罗。他负责公司的全球信贷、保险和房地产债务业务以及阿波罗团队。
齐托表示,他认为私人信贷市场是一个价值40万亿美元、以投资级基金为主的市场机遇。他在一封电子邮件中表示,阿波罗是大型企业直接借贷和私人资产支持融资领域的先行者,目前该公司发起了数百亿美元的交易。阿波罗近期的著名交易包括:向Saks Fifth Avenue的母公司HBC提供融资,以支持其本月收购尼曼(Neiman Marcus);6月,牵头对英特尔(Intel)在爱尔兰的一家工厂投资110亿美元;并在租车公司赫兹(Hertz)于2021年破产期间担任其融资合作伙伴。齐托指出,所有这些成功案例带来了更多的竞争。他表示:“在利率较高的环境下,你会看到大量新私人信贷机构涌入,但很少有机构具备与各大企业合作的规模、广泛能力和长期资本,并能为基础设施、人工智能和能源转型等新兴领域的大规模、长期变革性需求提供资金。”
吉勒·德拉特(Gilles Dellaert),黑石集团信贷保险全球主管
2010年,黑石集团在信贷领域采取了重大举措,收购了市值100亿美元的债务投资公司GSO Capital Partners,后者后来成为黑石信贷(Blackstone Credit)。9月,黑石集团将其企业信贷部、资产融资部和保险部合并为一个部门,成立了信贷保险部(BXCI)。该机构还提拔吉勒·德拉特为信贷保险部主管。作为最大的另类资产管理公司,黑石集团一如既往地为信贷保险部设定了远大的目标。2023年,黑石集团的资产管理规模达到1万亿美元,如今计划在未来10年里,信贷保险部连同房地产信贷的资产管理规模达到1万亿美元。在过去三年里,信贷保险部的资产管理规模增加了一倍多,达到3.3亿美元,如果将房地产债务业务计算在内,这一数字将跃升至4.2亿美元。
德拉特从事信贷行业长达20年。他在高盛集团的再保险集团工作了近10年,该集团于2014年分拆,成为Global Atlantic。德拉特在Global Atlantic工作了近7年,最近的职务是联席总裁兼首席投资官。(在2021年收购了Global Atlantic的多数股权后,KKR今年早些时候又收购了这家保险公司未持有的剩余股权。)2020年4月,德拉特加入黑石集团,担任保险解决方案全球主管,并于去年被任命为信贷部全球主管。德拉特还认为,我们正处于信贷的黄金时代。他说:“我们面前有一条宽广的跑道——我们认为在更广泛的私人信贷市场至少有25万亿美元的机会,大多数客户也认识到他们在这一资产类别上配置不足。”
基普·德维尔(Kipp deVeer),艾瑞思信贷集团(Ares Credit Group)的合伙人兼负责人
另一家大公司是艾瑞思资产管理公司(Ares Management),资产管理规模约为4280亿美元。该公司拥有多种战略,包括私募股权、房地产和基础设施。但艾瑞思资产管理公司以信贷著称,还是其最大的部门,截至3月31日,该部门管理着近3100亿美元的资产。
德维尔曾是RBC Capital的合伙人,也曾在摩根大通(J.P. Morgan)的特殊投资部和投资银行部工作过,于2004年加入艾瑞思资产管理公司,现任信贷部主管。德维尔在2023年11月接受美国全国广播公司财经频道(CNBC)采访时表示,20年前,艾瑞思资产管理公司通常为规模小得多的公司提供融资,这些公司的营收只有几亿美元。自那以后,银行规模不断扩大,但仍受到严格监管。德维尔说:“随之而来的是,你知道,银行与规模较小的公司打交道的兴趣就降低了(而与我们打交道的公司往往就是这些规模较小的中型市场公司)。”这使艾瑞思资产管理公司受益匪浅,因为它现在的业务范围更广了。他说,艾瑞思资产管理公司仍然专注于小型企业,但也涉足“企业价值达数十亿美元的公司”领域。
斯蒂芬妮·雷德,高盛资产管理公司另类资本形成部全球联席主管
知名投行高盛集团自上世纪90年代以来一直在打造私人信贷业务。事实上,高盛集团的第一支夹层基金在1996年筹集了12亿美元。(夹层基金通常用于为收购公司或其资产提供资金。)该基金池的最新版本是West Street Mezzanine Partners VIII,于2023年1月筹集了117亿美元,基金总规模达152亿美元。今年5月,高盛集团最新的直接借贷基金以及独立管理账户共募集资金210亿美元。截至3月31日,该集团管理的私人信贷资产规模为1390亿美元。
雷德在2004年加入高盛集团,并在高盛集团工作了二十年。她于2015年晋升为董事总经理,并于2018年被任命为合伙人。雷德在高盛集团担任过多种职务,曾担任高盛集团资产管理私人信贷客户解决方案全球主管,还曾领导全球市场的不良贷款和银行贷款销售。2023年12月,雷德被任命为另类资本形成部的联席主管。低利率和低违约率的环境意味着私人信贷基金的回报在过去10多年里一直保持稳定和积极的态势。雷德预计,随着宏观经济环境的不确定和波动的加剧,这种情况将发生变化。她说:“我们相信,拥有穿越周期的投资经验以及资源和能力来真正设法渡过难关的基金经理将处于更有利的位置。此外,拥有一个广泛的融资渠道也至关重要,这能让投资者在尽职调查和承销过程中具有高度选择性。”
劳伦斯·格罗布(Lawrence Golub),Golub Capital首席执行官
首席执行官劳伦斯·格罗布曾在艾伦公司(Allen & Co)和Wasserstein Perella担任投资银行家,于1994年创办了以自己的名字命名的公司。(格罗布还曾在上世纪90年代初担任白宫研究员。)总部位于纽约的Golub Capital已成长为一家领先的直接借贷公司和私人信贷管理公司,截至4月1日,其管理的资本超过700亿美元。
格罗布认为私人信贷领域不存在泡沫,而且如今并不是资本的黄金时代。他对《财富》杂志说:"不要相信炒作。“他表示:"私人信贷作为一种资产类别已经发展壮大,并将继续发展壮大,因为它擅长为两个关键的利益相关者提供服务,即投资者和私募股权保荐人。”格罗布对这一资产类别持乐观态度,但他预测赢家将是那些拥有“强大竞争优势,如长期关系、任期、规模以及在整个商业周期中久经考验的信贷专业知识”的企业。
迈克尔·帕特森(Michael Patterson),HPS Investment Partners管理合伙人
帕特森于2007年加入HPS,当时该公司名为Highbridge Principal Strategies,是摩根资产管理公司(J.P. Morgan Asset Management)旗下高桥资本管理公司(Highbridge Capital Management)的一个部门。2016年,HPS的负责人和员工从高桥资本管理公司和摩根资产管理公司收购了该公司。HPS现在是一家领先的信贷投资公司,资产管理规模约为1140亿美元。
自2016年以来,帕特森一直是HPS的管理合伙人。他表示,诱人的经风险调整的收益率已导致直接借贷备用资金大幅增加。今年4月,皮特齐布克(Pitchbook)估计,私人信贷市场有大约5000亿美元的备用资金,其中一半以上是直接借贷。帕特森表示,随着更多资金追逐相同数量的交易,HPS看到其他借贷机构在结构性保护方面做出妥协,包括抵押品包的安全性,这指的是借款人增加增量债务的能力。他表示:“我们将继续关注证明文件所提供结构的质量,并寻求避免以牺牲下行保护为代价来追求增量收益。”
克雷格·W·帕克(Craig W. Packer), Blue Owl Capital联席总裁兼信贷平台主管
帕克在瑞士信贷(Credit Suisse)/DLJ工作了近14年,担任高收益资本市场全球主管。他于2006年加入高盛集团,担任董事总经理兼高收益资本市场主管。2008年,他成为高盛集团合伙人,并被任命为美洲地区杠杆融资联席主管。他于2016年离开高盛集团,与他人共同创立了直接信贷公司Owl Rock Capital Partners。2021年,Owl Rock与Dyal Capital通过特殊目的收购公司交易实现合并,后者是一家私募股权公司股权收购方。合并后的公司名为Blue Owl Capital,资产管理规模达530亿美元,主要投资于信贷、房地产和私募股权公司。此后,Blue Owl Capital的资产管理规模增加了两倍多,超过1740亿美元。帕克是信贷平台的负责人,同时也是Blue Owl Capital各公司发展中心的首席执行官。
帕克说,他一直担心Blue Owl Capital的投资组合和借款人的经营状况。他说:“这是我们业务的本质。”不过,他表示,私人信贷不再是最后贷款机构,更多时候是首选贷款机构。帕克说:“私人信贷作为一种资产类别持续增长,原因很简单——它能为投资者和资本使用者提供更好的服务。”
阿门·帕诺西安(Armen Panossian),美国橡树资本管理有限公司(Oaktree Capital Management)联席首席执行官兼执行信贷主管
美国橡树资本管理有限公司是上榜的老牌公司之一,这是一家著名的不良债务投资机构,由霍华德·马克斯(Howard Marks)和布鲁斯·卡什(Bruce Karsh)于1995年共同创立。截至3月31日,该公司的资产管理规模达1920亿美元。根据该公司网站的数据,其中约75%是信贷资产。(2019 年,房地产投资者布鲁克菲尔德资产管理公司(Brookfield Asset Management)以近50亿美元的价格收购了橡树资本管理有限公司的大部分股权。)
帕诺西安于2007年加入橡树资本管理有限公司的全球机会团队,担任助理副总裁,并于2014年转入美国高级信贷团队,担任联合投资组合经理,并领导橡树资本管理有限公司的贷款抵押债券业务的发展。2019年,帕诺西安成为履约信贷业务的负责人,并继续领导该业务。他于今年3月就任橡树资本管理有限公司的联席首席执行官。帕诺西安称,过去十年来,银行从企业直接借贷中撤出,刺激了私人贷款机构的发展。他表示:“随着传统上在银团贷款市场融资的企业转向私人信贷,长期趋势转变正在进行中。”(财富中文网)
译者:中慧言-王芳
John Zito, a partner and deputy CIO of credit at Apollo Global Management; Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street; and Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
COURTESY OF APOLLO GLOBAL MANAGEMENT, SIXTH STREET AND GOLDMAN SACHS
Everyone in finance is talking about private credit—the term used for non-bank firms, many of them well known Wall Street names, that have created lending units that provide loans to businesses. Demand for these services has soared so much that BlackRock expects the global private debt market to hit $3.5 trillion in AUM by the end of 2028. Fortune has compiled a list of the people at the forefront of this big and fast-growing sector further below, but first it’s helpful to have some context about the evolution of private credit.
Private credit isn’t a new sector. The term refers to firms, which are not banks, that offer loans to businesses, typically small and medium-sized companies. These companies are usually too big or risky for banks and too small for the public bond markets. Non-bank firms have been providing loans to companies since at least the 1990s but have largely remained in the background.
That all changed in 2008 when banks stepped back from lending during the global financial crisis, ushering in a new class of private lenders to help finance businesses—including well-known PE firms (think Apollo, KKR and Blackstone). That year, private credit was relatively small, with about $375 billion in assets under management, according to Preqin.
As more firms stepped in to provide loans to businesses, the sector has soared. Last year, private credit assets topped $2.1 trillion globally, most of this in the U.S., the IMF said. “Today, the banks supply less than 20% of all credit to businesses,” Marc Rowan, co-founder and CEO of Apollo Global Management, told Fortune in September 2023. “The need for funding private debt switched from the big lenders to the investment marketplace.”
One argument in favor of private credit is that these types of loans are much less risky for businesses. For bank loans, deposits serve as their source of funding, which can be precarious. In 2023, three regional banks, led by Silicon Valley Bank, collapsed when consumers got spooked and pulled their money out. Meanwhile, the private credit market has become very good at the lending business.
“The debt product is good for the market because people that are investing in private credit funds are very sophisticated,” said Todd Holleman, a partner with law firm King & Spalding who has advised private credit funds since 2010.
Expectations for credit are high now. Chris Sheldon, KKR’s co-head of credit and markets, said it is still a good time to invest in the sector, although he expects interest rates will likely remain high for the foreseeable future, according to an April investor letter. Sheldon urged investors to deploy capital, calling the current environment “a golden age for credit allocations.”
A month later, in May, Blackstone led a $7.5 billion credit facility for CoreWeave, an A.I. cloud computing startup. The transaction was one of the biggest debt financings ever. Holleman, who agrees that the sector is in a golden age, said his phone has been ringing a lot. “We’ve seen not only a lot of activity from traditional clients but we are getting calls from new entrants in the market,” he told Fortune.
The recent boom is elevating a new class of power players in this market. Here are nine to watch.
Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street
Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street
COURTESY OF SIXTH STREET
After a stint at Wells Fargo Foothill, the commercial finance company of Wells Fargo & Co, Easterly joined Goldman Sachs in 2006. It was at Goldman, where he ran the direct lending business, that he realized the opportunity available in private credit. (Easterly worked for Alan Waxman who led AmSSG, the private credit business at Goldman.) Compared to banks, private credit has a better model because it can hold more capital for loans on its balance sheets, Easterly said during Fortune’s Future of Finance conference in May. The rise of private credit was the “intended consequence” of regulation that came out of the global financial crisis, Easterly said.
That year, in 2009, Easterly left GS to help launch Sixth Street with Waxman and several other former Goldman execs. Sixth Street started out as TPG’s dedicated global credit and credit-related investing platform, went solo in 2020 and the firm now has more than $75 billion in assets under management. Credit remains a core strategy; Easterly oversees the direct lending business, which provides loans ranging from $50 million to $2.5 billion to large-cap and middle-market companies. He also serves as chairman and CEO of Sixth Street Specialty Lending, a publicly listed business development company, and chairman and CEO of Sixth Street Lending Partners, a private BDC focused on large cap direct lending. Unlike banks, who often syndicate their loans, private credit firms typically keep the loans in their funds until maturity. “You know who your lender is. You are dealing with one counterparty,” Easterly said at the Fortune conference.
John Zito, a partner and deputy CIO of credit at Apollo Global Management
John Zito, a partner and deputy CIO of credit at Apollo Global Management
COURTESY OF APOLLO GLOBAL MANAGEMENT
No list of private credit firms is complete without Apollo Global Management, which is one of the biggest lenders. The firm had $671 billion in AUM as of March 31, with most, or $476 billion coming from credit, including $325 billion AUM in corporate credit and $151 billion AUM in asset-backed finance. After spending five years as a portfolio manager at Veritas Fund Group, and another five years at Brencourt Advisors as a PM, Zito joined Apollo in 2012. He oversees the firm’s global credit, insurance and real estate debt business and team at Apollo.
Zito said he views the private credit market as a $40 trillion, predominantly investment grade, opportunity. Apollo was an early mover in large-cap corporate direct lending and private asset-backed finance, and currently originates tens of billions of dollars at the firm, he said in an email. Notable recent deals for Apollo include provided financing to HBC, parent company of Saks Fifth Avenue, to support its buy of Neiman Marcus this month; leading an $11 billion investment in an Intel factory in Ireland in June; and as a financing partner for Hertz during the rental car company’s bankruptcy in 2021. With all this success there is more competition, Zito noted. “In a higher rate environment, you’ve seen an influx of new entrants to private credit, but few have the scale, broad capabilities, and long-dated capital to partner with companies and fund large, transformative long-duration needs in emerging areas such as infrastructure, AI and energy transition,” he said.
Gilles Dellaert, global head of Blackstone Credit and Insurance (BXCI)
Gilles Dellaert, global head of Blackstone Credit and Insurance (BXCI)
COURTESY OF BLACKSTONE CREDIT AND INSURANCE
In 2010, Blackstone made a big move in the credit space when it acquired GSO Capital Partners, the $10 billion debt investment firm that went on to become Blackstone Credit. In September, Blackstone combined its corporate credit, asset-based finance, and insurance groups into a single unit, creating BXCI. It also promoted Gilles Dellaert to head up BXCI. Blackstone, the biggest alternative asset manager, has, as usual, big goals for BXCI. In 2023, Blackstone the firm reached $1 trillion in AUM and now plans for BXCI, along with real estate credit, to hit $1 trillion AUM over the next ten years. Over the past three years, AUM for BXCI has more than doubled to $330 million, and if the real estate debt business is included, this jumps to $420 million.
Dellaert’s career in credit spans twenty years. He spent nearly 10 years at Goldman’s reinsurance group, which spun off in 2014 and became Global Atlantic. Dellaert worked for nearly seven years at Global Atlantic, most recently as co-president and chief investment officer. (After buying a majority of Global Atlantic in 2021, KKR acquired the rest of the insurance company that it didn’t own earlier this year.) In April 2020, Dellaert joined Blackstone, as global head of insurance solutions and was named global leader of credit last year. Dellaert also believes we are in the golden age of credit. “There is a huge runway ahead of us – we think it is at least a $25 trillion opportunity in the broader private credit market with most clients also recognizing they’ve been under allocated to the asset class,” he said.
Kipp deVeer, partner and head of Ares Credit Group
Kipp deVeer, partner and head of Ares Credit Group
COURTESY OF ARES CREDIT GROUP
Another big player is Ares Management, which manages about $428 billion in AUM. The firm has multiple strategies including private equity, real estate and infrastructure. But what Ares is known for is credit, its biggest unit that managed nearly $310 billion in assets as of March 31.
DeVeer, who was previously a partner at RBC Capital and also worked at J.P. Morgan’s special investment group and in their investment banking unit, joined Ares in 2004 and is now head of the credit group. Twenty years ago, Ares typically financed much smaller companies, businesses with a couple hundred million of revenue, deVeer told CNBC in November 2023. Since then, banks have grown bigger but are still heavily regulated. “With that has come just a, you know, lesser interest in dealing with the companies that we deal with that tend to be smaller, middle market companies,” deVeer said. This has benefited Ares which plays in a broader fairway now. Ares still focuses on small businesses, but it also plays in the sector of “companies that have billions of dollars of enterprise value,” he said.
Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
COURTESY OF GOLDMAN SACHS
Goldman Sachs, the storied investment bank, has been building its private credit business since the 1990s. In fact, Goldman’s first mezzanine fund raised $1.2 billion in 1996. (Mezz funds are often used to finance the acquisition of companies or their assets.) The latest iteration of the pool, West Street Mezzanine Partners VIII, collected $11.7 billion in January 2023, with a total fund size of $15.2 billion. In May, Goldman’s latest direct lending fund, along with separately managed accounts, raised $21 billion. Goldman had $139 billion in private credit assets under management as of March 31.
Rader has spent two decades at Goldman, joining in 2004. She was promoted to managing director in 2015 and, in 2018, was named a partner. Rader has held various roles at GS, serving as global head of private credit client solutions for Goldman Sachs asset management, and she also led distressed and bank loan sales within global markets. Rader was named co-head of alternatives capital formation in December 2023. A low interest rate and low default environment means returns for private credit funds have been calm and positive for more than 10 years. Rader expects this will change with an uncertain macroeconomic environment and heightened volatility. “We believe managers with experience investing through cycles, and the resources and capabilities to actually manage through work out situations will be better positioned. It is also critical to have a wide origination funnel, allowing investors to be highly selective in their diligence and underwriting processes,” she said.
Lawrence Golub, CEO of Golub Capital
Lawrence Golub, CEO of Golub Capital
COURTESY OF GOLUB CAPITAL
Lawrence Golub, CEO, founded the firm that bears his name in 1994 after working as an investment banker for Allen & Co and Wasserstein Perella. (Golub also served as a White House fellow in the early 1990s.) New York-based Golub Capital has grown into a leading direct lender and private credit manager, with over $70 billion of capital under management as of April 1.
Golub doesn’t believe private credit is in a bubble or that it’s the golden age of capital. “Don’t believe the hype,” he told Fortune. “Private credit has grown as an asset class and will continue to grow because it serves two key stakeholders well—investors and private equity sponsors,” he said. Golub is optimistic about the asset class but predicts the winners will be those with “powerful competitive advantages like long-standing relationships, incumbencies, scale and proven credit expertise across the business cycle.”
Michael Patterson, governing partner, HPS Investment Partners
Michael Patterson, governing partner, HPS Investment Partners
COURTESY OF HPS INVESTMENT PARTNERS
Patterson joined HPS in 2007 when the firm was known as Highbridge Principal Strategies, a division of Highbridge Capital Management, within J.P. Morgan Asset Management. In 2016, HPS principals and employees acquired the firm from Highbridge and J.P. Morgan Asset Management. HPS is now a leading credit investment firm with about $114 billion of AUM.
Patterson has been HPS’s governing partner since 2016. Attractive risk adjusted returns have caused direct lending dry powder to soar, he said. In April, Pitchbook estimated that the private credit markets had about $500 billion in dry powder, with more than half in direct lending. With more capital chasing the same number of transactions, HPS has seen other lenders compromise on structural protections including the security of collateral packages, which refers to a borrower’s ability to raise incremental debt, Patterson said. “We continue to remain focused on the quality of the structure afforded by documentation and seek to avoid stretching for incremental yield at the expense of downside protection,” he said.
Craig W. Packer, co-president of Blue Owl Capital and head of the credit platform
Craig W. Packer, co-president of Blue Owl Capital
COURTESY OF BLUE OWL CAPITAL
Packer spent nearly 14 years at Credit Suisse/DLJ where he was the global head of high yield capital markets. He joined Goldman Sachs in 2006 as a managing director and head of high yield capital markets. In 2008, he was made a Goldman partner and was named co-head of leveraged finance in the Americas. He left GS in 2016 to cofound Owl Rock Capital Partners, a direct lender. In 2021, Owl Rock merged with Dyal Capital, an acquirer of PE firm stakes, through a SPAC deal. The combined firm was called Blue Owl Capital, had $53 billion in AUM, and invested in credit, real estate and in PE firms. AUM for Blue Owl has since more than tripled to over $174 billion. Packer is head of the credit platform and is CEO of each of the Blue Owl BDCs.
Packer said he’s always worried about Blue Owl’s portfolio and how its borrowers are doing. “That is the nature of our business,” he said. Private credit, however, is no longer the lender of last resort but is more often the first lender of choice, he said. “Private credit continues to grow as an asset class for one simple reason – it has worked well for both the investors and the users of capital,” Packer said.
Armen Panossian, co-CEO and head of performing credit at Oaktree Capital Management
Armen Panossian, co-CEO and head of performing credit at Oaktree Capital Management
COURTESY OF OAKTREE CAPITAL MANAGEMENT
One of the older firms on our list is Oaktree, a well-known distressed debt investor that was co-founded by Howard Marks and Bruce Karsh in 1995. Oaktree had $192 billion in AUM as of March 31. About 75% of that is in credit, according to the Oaktree website. (In 2019, Brookfield Asset Management, the real estate investor, acquired a majority of Oaktree in a nearly $5 billion deal.)
Panossian joined Oaktree’s global opportunities group in 2007 as an assistant VP and, in 2014, he moved to the U.S. senior loans team where he was co-portfolio manager, and led the development of Oaktree’s CLO business. In 2019, Panossian became head of the performing credit business, which he continues to lead. He assumed the co-CEO position at Oaktree in March. Banks over the past decade retreated from corporate direct lending, fueling the growth of private lenders, Panossian said. “There is a secular shift underway as companies that were traditionally financed in the syndicated loan market are turning to private credit,” he said.